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Determine the gross profit for july

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Reference no: EM131811670

Three identical units of Item K113 are purchased during July, as shown below.
Item K113 Units Cost
July 9 Purchase 1 155

17 Purchase 1 178

26 Purchase 1

181

Assume that one unit is sold on July 31 for $272. Determine the gross profit for July using the last-in,first-out (LIFO) method.

Reference no: EM131811670

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